Simpson Thacher recently represented the bank group, led by Crédit Agricole Corporate and Investment Bank and Natixis, New York Branch, in a $394.6 million construction and term loan financing for the 150-megawatt Alta Wind I wind power project being developed by Terra-Gen Power LLC in the Tehachapi area of California. The Alta Wind I project is the first phase of Terra Gen’s Alta Wind Energy Center, a 3,000-megawatt initiative considered to be one of the largest U.S. wind development projects. The lender group also included Union Bank N.A., Prudential Investment Management, Inc., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch, and Banco Santander S.A., New York Branch.
This financing replaced the pre-construction $115 million turbine financing that closed in July 2009, in which Simpson Thacher also represented the lenders.
Terra-Gen Power, an affiliate of Boston energy investment group ArcLight Capital Partners and independent infrastructure investment fund Global Infrastructure Partners, develops renewable energy projects with a focus on wind, geothermal and solar generation.
The Simpson Thacher team included Ken Wyman, Amy Beller, Jessica Tuchinsky and Vanessa Clark (Credit); Mardi Merjian and Frank Giovinazzo (Real Estate); Michael Isby (Environmental); Andrew Purcell and Seojung Park (Tax); and Susan Kaufman (Executive Compensation and Employee Benefits). Paralegal Nicholas Dang also provided valuable assistance.